Ppl have asked ()litecointalk) when is the best time to buy Litecoin.
I tried to explain without drawing, but I think I did not explain as good as I could do drawing.
"More important than the price is the trend itself. LTC is still consolidating the up trend and have been doing so since September 2020.
Right now, LTC will face two resistances to climb, ~245 (previous high) and ~375 (ath).
If you are willing to buy now, you should be aware that even if the price reaches as low as ~165, ~153 or ~112, the trend is still going up. So, don’t panic sell because this means you are loosing $.
A good strategy is to wait for the price to climb the previous high before you go in. So when it passes 245, the resistance line will become the support line. Wait for the consolidation on the area (~250) and than calculate your strategy.
For example:
Price is about 250.
Your stop-loss will be bellow 244.90 and your target 360 (around ATH 375 where the bears will short sell).
Remember, it will take time for this to happen."
I tried to explain without drawing, but I think I did not explain as good as I could do drawing.
"More important than the price is the trend itself. LTC is still consolidating the up trend and have been doing so since September 2020.
Right now, LTC will face two resistances to climb, ~245 (previous high) and ~375 (ath).
If you are willing to buy now, you should be aware that even if the price reaches as low as ~165, ~153 or ~112, the trend is still going up. So, don’t panic sell because this means you are loosing $.
A good strategy is to wait for the price to climb the previous high before you go in. So when it passes 245, the resistance line will become the support line. Wait for the consolidation on the area (~250) and than calculate your strategy.
For example:
Price is about 250.
Your stop-loss will be bellow 244.90 and your target 360 (around ATH 375 where the bears will short sell).
Remember, it will take time for this to happen."